Exhibit 12.2 |
2/24/2011 |
ALABAMA POWER COMPANY |
Computation of ratio of earnings to fixed charges plus preferred and preference |
dividend requirements for the five years ended December 31, 2009 |
and the year to date December 31, 2010 |
Twelve | ||||||||||||||||||
Months | ||||||||||||||||||
Ended | ||||||||||||||||||
Year ended December 31, | December 31, | |||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | 2010 | |||||||||||||
--------------------------------------------------Thousands of Dollars-------------------------------------------------- |
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: | ||||||||||||||||||
Earnings before income taxes | $ | 819,516 | $ | 875,256 | $ | 969,492 | $ | 1,026,387 | $ | 1,095,813 | $ | 1,213,008 | ||||||
Interest expense, net of amounts capitalized | 215,431 | 254,229 | 275,814 | 280,920 | 300,365 | 305,083 | ||||||||||||
Distributions on mandatorily redeemable preferred securities | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
AFUDC - Debt funds | 8,173 | 7,939 | 17,991 | 20,252 | 33,183 | 14,034 | ||||||||||||
Earnings as defined | $ | 1,043,120 | $ | 1,137,424 | $ | 1,263,297 | $ | 1,327,559 | $ | 1,429,361 | $ | 1,532,125 | ||||||
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: | ||||||||||||||||||
Interest on long-term debt | $ | 186,541 | $ | 231,061 | $ | 250,511 | $ | 264,620 | $ | 288,723 | $ | 288,732 | ||||||
Interest on affiliated loans | 16,563 | 16,764 | 15,369 | 11,619 | 10,343 | 7,264 | ||||||||||||
Interest on interim obligations | 1,063 | 1,873 | 1,915 | 1,070 | 69 | 15 | ||||||||||||
Amort of debt disc, premium and expense, net | 14,559 | 12,986 | 14,542 | 11,776 | 11,138 | 10,502 | ||||||||||||
Other interest charges | 4,878 | (516) | 11,468 | 12,087 | 23,275 | 12,604 | ||||||||||||
Distributions on mandatorily redeemable preferred securities | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Fixed charges as defined | 223,604 | 262,168 | 293,805 | 301,172 | 333,548 | 319,117 | ||||||||||||
Tax deductible preferred dividends | 1,089 | 1,089 | 1,089 | 1,089 | 1,089 | 1,089 | ||||||||||||
224,693 | 263,257 | 294,894 | 302,261 | 334,637 | 320,206 | |||||||||||||
Non-tax deductible preferred and preference dividends | 23,200 | 23,645 | 35,055 | 38,375 | 38,375 | 38,375 | ||||||||||||
Ratio of net income before taxes to net income | x | 1.540 | x | 1.613 | x | 1.575 | x | 1.566 | x | 1.546 | x | 1.624 | ||||||
Preferred and preference dividend requirements before income taxes | 35,728 | 38,139 | 55,212 | 60,095 | 59,328 | 62,321 | ||||||||||||
Fixed charges plus preferred and preference dividend requirements | $ | 260,421 | $ | 301,396 | $ | 350,106 | $ | 362,356 | $ | 393,965 | $ | 382,527 | ||||||
RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED | ||||||||||||||||||
AND PREFERENCE DIVIDEND REQUIREMENTS | 4.01 | 3.77 | 3.61 | 3.66 | 3.63 | 4.01 |